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rtside (PODC) - 2024 Q4 - Annual Report
2024-07-01 20:42
Financial Performance - PodcastOne's revenue for the year ended March 31, 2024, was $43.3 million, representing a year-over-year growth of 25% from $34.6 million in 2023[25]. - The Ad-Supported Service revenue increased from $34.6 million for the year ended March 31, 2023, to $43.3 million for the year ended March 31, 2024, representing a 25% growth[49]. - PodcastOne incurred net losses of $14.7 million and $7.0 million for the fiscal years ended March 31, 2024 and 2023, respectively[110]. - As of March 31, 2024, the company had an accumulated deficit of $29.6 million and net working capital of $0.9 million[110]. - Total liabilities were reported at $7.8 million as of March 31, 2024, indicating a need to increase revenue and reduce costs to continue as a going concern[111]. - The company faces substantial doubt about its ability to continue as a going concern due to recurring losses from operations[119]. - The company has financed operations primarily through equity securities and cash from operations, with future net losses dependent on the rate of expenditures and revenue growth[110]. - LiveOne owed $2.4 million to SoundExchange under a settlement agreement as of March 31, 2024, which could impact the company's financial condition if not complied with[115]. Audience Engagement - The company reported 5.7+ million monthly unique listeners and 19+ million IAB monthly downloads, indicating strong audience engagement[22]. - PodcastOne recorded a total of 12 million average monthly listeners in the quarter ending December 31, 2023[61]. - The average monthly downloads for podcasts decreased from approximately 51.5 million in the fiscal year ended March 31, 2023, to approximately 30.7 million in the same period in 2024, primarily due to changes in download attribution methodology[58]. - PodcastOne experienced a 40% decrease in the number of podcast downloads, totaling 368,812,413 for the year ended March 31, 2024, down from 617,445,568 in 2023[42]. Market Trends - The podcast market in the U.S. is expected to continue developing as a high-growth segment, with an estimated 177 million Americans having listened to a podcast at some point[27]. - Podcast advertising revenue is projected to grow from $2.28 billion in 2023 to over $3.25 billion in 2024, and reach $4 billion by 2025[62]. - The number of podcast listeners is anticipated to grow to 135 million in 2024, with nearly 150 million expected by 2027[64]. - The spoken word consumption among the 13-24 year-old demographic has increased by 214% since 2014, with 21% attributed to podcast usage[63]. Business Strategy - PodcastOne aims to mitigate risk by acquiring multiple assets across a broad spectrum of podcast-related media and companies[21]. - The company has introduced new advertising products, including sponsored playlists and a self-serve audio advertising platform, to enhance value for advertisers[47]. - PodcastOne's growth strategies include strategically launching new podcasts with culturally relevant creators and acquiring existing podcasts that will thrive on its network[44][46]. - The company emphasizes rapid innovation and prioritizes long-term user engagement, which may lead to short-term financial impacts[171]. Operational Challenges - The company incurred significant operating and net losses since inception and anticipates continuing to incur significant losses for the foreseeable future[104]. - The company faces competition for ad-supported listening time and is dependent on the performance of its podcasts and their talent[104]. - The company faces significant competition for listeners from well-funded digital media providers, which may impact the number of premium subscribers and advertising sales[125]. - The company competes for advertisers' marketing budgets against major internet companies and traditional advertising channels, affecting revenue and margins[126]. - The reliance on podcast talent and the potential loss of key hosts could adversely affect the company's ability to attract advertisers and maintain revenue[128]. Regulatory and Compliance Risks - The company is subject to stringent data protection regulations, including the General Data Protection Regulation (GDPR), which can impose fines of up to 4% of annual worldwide turnover or €20 million for non-compliance[88]. - The company faces risks related to compliance with U.S. laws and regulations, including the Foreign Corrupt Practices Act, which could lead to fines and reputational damage[192]. - The company is subject to potential fines of up to 4% of annual global turnover or €20 million for personal data breaches in Europe[180]. - Regulatory compliance costs may increase due to evolving laws and regulations, impacting operational flexibility and financial performance[186]. Technology and Innovation - The company has developed a proprietary Content Management System (CMS) that allows creators to track metrics on an episode-by-episode basis, enhancing audience analytics[70]. - The company must effectively monetize its services on mobile devices, as failure to do so may adversely impact its operating results[164]. - The digital advertising industry is shifting towards data-driven technologies, and the company must effectively monetize mobile device usage to maintain advertising revenue[148]. - The company is investing in new products and features, but rapid technological changes may hinder its ability to attract users and generate revenue[156]. Financial Reporting and Governance - For the fiscal years ended March 31, 2024 and 2023, the company identified material weaknesses in its internal control over financial reporting, impacting the accuracy of financial statements[204]. - The company has implemented new financial systems and processes to address identified material weaknesses, but full remediation may take time[212]. - The company is currently a "smaller reporting company," which may make it more challenging for investors to analyze its financial prospects[112]. - Operating as a public company will result in increased legal, accounting, and compliance costs, affecting overall financial performance[219].
PodcastOne's (Nasdaq: PODC) Gals on the Go and Skincare Leader fresh Team for Live Podcast Event at the Second Annual fresh Beauty Rose Pop-Up in New York
GlobeNewswire News Room· 2024-06-20 12:30
Company Overview - PodcastOne, a subsidiary of LiveOne, is a leading podcast platform that provides a full 360-degree solution in sales, marketing, public relations, production, and distribution, delivering over 2.1 billion downloads per year [14] - LiveOne is a creator-first music, entertainment, and technology platform focused on delivering premium experiences and content worldwide through memberships and live and virtual events [2] Event Announcement - PodcastOne's podcast "Gals on the Go" is collaborating with skincare brand fresh beauty for a live podcast recording event in New York City on June 22, 2024, as part of the Second Annual fresh Beauty Rose Pop-Up [1][3] - The event will feature hosts Danielle Carolan and Brooke Miccio engaging in lively conversations with a live audience, celebrating fresh beauty's Rose Collection [3] Brand Partnership - The partnership between "Gals on the Go" and fresh beauty aims to resonate with Gen Z audiences, aligning with both brands' missions to create emotional connections and promote self-care [10][13] - Fresh beauty, founded in 1991 and an LVMH Maison since 2000, emphasizes natural ingredients and biodiversity in its skincare products, which are available in over 25 countries [6] Podcast Content - "Gals on the Go" focuses on real, raw conversations about friendship, social media trends, and early adulthood, aiming to provide authenticity in a world often dominated by curated social media images [9] - The podcast is available on multiple platforms, including PodcastOne, Apple Podcasts, Spotify, and iHeart [5]
PodcastOne (PODC) to Participate in the iAccess Alpha Buyside Best Ideas Summer Conference 2024 on June 25 and 26, 2024
GlobeNewswire News Room· 2024-06-19 13:00
LOS ANGELES, June 19, 2024 (GLOBE NEWSWIRE) -- PodcastOne (NASDAQ: PODC), a leading podcast platform and a subsidiary of LiveOne (NASDAQ: LVO announced today that management is participating in the iAccess Alpha Buyside Best Ideas Summer Conference 2024 on June 25 and 26, 2024. On behalf of the company PodcastOne President and Co-Founder, Kit Gray will deliver a company presentation at 1:00 PM ET on June 25 and host one-on-one meetings the following day, June 26. To learn more about the iAccess Alpha Buysid ...
PodcastOne (PODC) to Participate in the iAccess Alpha Buyside Best Ideas Summer Conference 2024 on June 25 and 26, 2024
Newsfilter· 2024-06-19 13:00
LOS ANGELES, June 19, 2024 (GLOBE NEWSWIRE) -- PodcastOne (NASDAQ: PODC), a leading podcast platform and a subsidiary of LiveOne (NASDAQ: LVO announced today that management is participating in the iAccess Alpha Buyside Best Ideas Summer Conference 2024 on June 25 and 26, 2024. On behalf of the company PodcastOne President and Co-Founder, Kit Gray will deliver a company presentation at 1:00 PM ET on June 25 and host one-on-one meetings the following day, June 26. The presentation will be webcast live and av ...
rtside (PODC) - 2024 Q4 - Annual Results
2024-05-30 12:34
Exhibit 99.1 PodcastOne (Nasdaq: PODC) Reports Record Fiscal Year 2024 Results LOS ANGELES, CA, May 30, 2024 -- PodcastOne (Nasdaq: PODC), a leading podcast platform and a subsidiary of LiveOne (Nasdaq: LVO), announced today its operating results for the fourth fiscal quarter ("Q4 Fiscal 2024") and fiscal year ended March 31, 2024 ("Fiscal 2024"). ● Record Revenue of $43.3M for FY 2024, $11.7M for Q4 FY 2024 ● Adjusted EBITDA* of $0.7M for FY 2024, $258K for Q4 FY 2024 ● Financial Highlights: ○ Increased Sh ...
PodcastOne (Nasdaq: PODC) Reports Record Fiscal Year 2024 Results
GlobeNewswire News Room· 2024-05-30 11:30
Record Revenue of $43.3M for FY 2024, $11.7M for Q4 FY 2024 Adjusted EBITDA* of $0.7M for FY 2024, $258K for Q4 FY 2024 Financial Highlights: Increased Shareholders' Equity by $9M from Prior Fiscal Year Reduced Liabilities by $13M from Prior Fiscal Year Extinguished All Debt, Repaying $3M in Cash and Converting $7M into Shares of Common Stock at $3 Per Share Raises FY 2025 Revenue Guidance to $51-56M LiveOne (Nasdaq: LVO) Acquired 159,000 PODC Shares at a Price of $3 Per Share During March 2024 and Continue ...
PodcastOne's (Nasdaq: PODC) LADYGANG Podcast Presents the “You Never Forget Your First” Tour Presented by CLEARSTEM
globenewswire.com· 2024-05-21 12:30
LOS ANGELES, May 21, 2024 (GLOBE NEWSWIRE) -- PodcastOne (NASDAQ: PODC), a leading podcast platform and a subsidiary of LiveOne (NASDAQ: LVO), announced today the LADYGANG podcast presents the "You Never Forget Your First" tour presented by CLEARSTEM. With tour stops across North America, including cities such as New York, Boston, and Atlanta, LADYGANG, hosted by Keltie Knight, Becca Tobin and Jac Vanek, kick off their tour August 9, 2024 in Austin, Texas before wrapping up on the West Coast in December of ...
The Dr. Gundry Podcast and PodcastOne Celebrate 300 Episodes
Prnewswire· 2024-05-14 13:30
The Dr. Gundry Podcast Hosted by Steven Gundry M.D. Empowers Listeners to Live Their Best, Healthiest Lives LOS ANGELES, May 14, 2024 /PRNewswire/ -- The Dr. Gundry Podcast—proudly hosted by PodcastOne (NASDAQ: PODC), a leading podcast platform and a subsidiary of LiveOne (NASDAQ: LVO)—achieves a significant milestone by releasing its 300th episode today. Hosted by renowned cardiothoracic surgeon, Steven R. Gundry, M.D.—a trailblazer in restorative medicine, author of four New York Times bestselling books, ...
rtside (PODC) - 2024 Q3 - Quarterly Report
2024-02-12 23:50
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the transition period from __________________ to __________________ Commission File Number: 001-41795 PODCASTONE, INC. FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Exact name of registrant as specified in its ...
rtside (PODC) - 2024 Q2 - Quarterly Report
2023-11-20 21:19
Revenue Performance - Revenue for the six months ended September 30, 2023, was $21.2 million, representing a year-over-year growth of 23% compared to $17.2 million in the same period of 2022[122] - Revenue increased by $2.0 million, or 24%, to $10.5 million for the three months ended September 30, 2023, compared to $8.5 million for the same period in 2022[148] - Revenue increased by $3.9 million, or 23%, to $21.2 million for the six months ended September 30, 2023, compared to $17.2 million for the same period in 2022[158] Podcast Metrics - The number of podcast downloads for the year ended March 31, 2023, was 617,445,568, a 5% increase from 590,412,840 in 2022, while downloads for the six months ended September 30, 2023, decreased by 36% to 223,349,413 from 349,554,739 in 2022[134] - PodcastOne has over 4.8 million monthly unique listeners and generates over 20 million IAB monthly downloads[119] Acquisitions and Content Strategy - The company has acquired exclusive rights to several true crime podcasts, including ownership and intellectual property rights for potential television and film projects[123] - PodcastOne's revenue model is primarily ad-supported, relying on the sale of audio, video, and social advertising delivered through impressions[125] - PodcastOne's advertising strategy focuses on host-read embedded ads, which are believed to enhance user experience and provide better returns for advertisers[125] Financial Losses and Expenses - The company reported a net loss of $7.0 million for the year ended March 31, 2023, compared to a net loss of $3.6 million in 2022[122] - Net loss for the three months ended September 30, 2023, was $(10.9) million, compared to $(0.5) million for the same period in 2022[146] - General and administrative expenses rose by $0.5 million, or 80%, to $1.2 million for the three months ended September 30, 2023, due to additional costs related to the Spin-Out and Finder's Fee Agreement[153] - Total other expense increased by $9.2 million, or 1,404%, to $9.9 million for the six months ended September 30, 2023, primarily due to an increase in derivative loss and interest expense related to the Bridge Loan[165] - Net loss for the six months ended September 30, 2023, was 52% of revenue, compared to a net loss of 5% for the same period in 2022[165] Operating Expenses - Operating expenses totaled $11.9 million for the three months ended September 30, 2023, compared to $8.3 million for the same period in 2022, reflecting a 43% increase[146] - Operating expenses as a percentage of revenue increased to 106% for the six months ended September 30, 2023, compared to 102% for the same period in 2022[160] - Total stock-based compensation expense increased by $352,000, or 60%, to $938,000 for the six months ended September 30, 2023, compared to $586,000 for the same period in 2022[160] Cash Flow and Financing - As of September 30, 2023, cash and cash equivalents amounted to $0.5 million, with a related party payable balance of $2.4 million[172] - The company reported a net cash used in operating activities of $3.0 million for the six months ended September 30, 2023, compared to a net cash used of $4.2 million for the same period in 2022[183] - The company had working capital of $0.6 million as of September 30, 2023, raising substantial doubt about its ability to continue as a going concern[181] - Management anticipates that existing cash resources will not be sufficient to meet current operating and liquidity needs beyond November 2024 without additional financing[179] Debt and Loans - The company completed a private placement offering of Bridge Notes for gross proceeds of $8.0 million, with a maturity date extended to October 15, 2023[173] - In August 2023, the company entered into a $1.7 million secured loan with an interest rate of 8% and a maturity of 30 months[176] - On September 8, 2023, the company completed a Qualified Event, converting approximately $7.02 million of Bridge Notes into approximately 2,341,000 shares of common stock[177] - As of September 30, 2023, the company's total outstanding consolidated indebtedness was $8.9 million, net of fees and discounts[178] - The company was not in compliance with all covenants under the ABL Credit Facility as of September 30, 2023, but cured the default within the cure period[190] Development and Operations - The company operates Launchpad One, a self-publishing podcast platform aimed at independent podcasters, which serves as a talent pool for discovering new podcasts[121] - The company aims to mitigate risk by acquiring multiple assets across a broad spectrum of podcast-related media and companies[118] - PodcastOne's operating model includes a comprehensive in-house team for sales, production, marketing, and technology, allowing for scalable operations and attracting talent[120]